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Non deposit of TDS deducted - Penalty ?
If any person Deducted tax at source but failed to deposit in government's account, is there any penalty in Income Tax Act.
Replies (5)
Yes... Interest and Penalty is Levied.
Yes Interest @ 1.5% pm or part thereof.
agreed with Mr raja... interest @ 1.5% per month from the date of deduction to the date of deposit and late filing fee @ RS. 200/ day from date of section to the date of payment but not more than TDs amount which was not deposited. further if TDs is not deposited within one year of the due date then penalty prosecution will also be taken.
Yes agree with all the above views.
Penalty and interest is payable.
Penalty and interest is payable.
could u please explain the section in which these conditions have mentioned such 1.5 % interest per month and rs. 200 per till deposit in the govt.'s account...
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